Makes Detailed Findings that Plan Conforms to Bankruptcy Code in All Respects

In a proceeding today lasting just over two hours, U.S. Bankruptcy Court Judge Christopher Klein rejected the claims of the remaining holdout creditor, Franklin Templeton Investments, and approved the city of Stockton’s proposed Chapter 9 Bankruptcy Plan of Adjustment. The judge detailed the various classes of creditors and the extent to which they would be paid. He specifically refused to categorize the $32 million Franklin unsecured claim as a separate class, leaving it in a class of even larger unsecured claims, effectively rejecting Franklin’s claim of discrimination. The court previously ruled that roughly $4 million of Franklin’s $36 million claim was secured.

The 2015 League of California Cities’ Annual Conference & Expo scheduled for Sept. 30 - Oct. 1 in San Jose will provide an extensive educational program for over 1,800 local elected officials, city department directors, staff, and decision makers. With attendance growing every year, it is important to provide sessions with the most timely and relevant information available.

The CalPERS website now features a new FAQ on the Governmental Accounting Standards Boards (GASB). This FAQ was developed in response to the recently release of two related GASB statements that substantially change the accounting and financial reporting of pensions for CalPERS and CalPERS employers. Statement No. 67, Financial Reporting for Pension Plans, affects the financial statements of CalPERS. Statement No. 68, Accounting and Financial Reporting for Pensions, affects the financial statements of employers.

This story is part of an ongoing series featuring Helen Putnam Award entries. The 2014 entries are available on the League’s website as a resource for cities in a searchable database called California city Solutions. Lancaster’s 24-Hour Recycling Center was submitted in 2014 for the Planning and Environmental Qualityaward category.